Technical analysis AUDCAD for 29.08.2023

The Tenkan-sen line is located below the Kijun-sen line. Blue is directed upwards, while red remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 0.87990. The closest support is the level 0.86850

Key levels

• 0.90000, 0.89010, 0.87990, 0.86850, 0.85120

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.87990, with Take Profit of 0.89010 and Stop Loss of 0.87420

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.86850, with Take Profit of 0.85120 and Stop Loss of 0.87420